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Spain Floats Prospect of Bailout

Nation faces pressure from investors to seek a rescue.

By Emma Ross-Thomas and Ben Sills, Bloomberg | Updated on September 18, 2012

Spain will consider seeking a bailout if the conditions imposed are acceptable, Deputy Prime Minister Soraya Saenz de Santamaria said as loan defaults at Spanish banks climbed and lending dropped.

Bad loans in the country’s banking system rose to a record 9.86 percent in July and lending fell 4.53 percent from the year-earlier period, the Madrid-based Bank of Spain said today. Spain sold 4.6 billion euros ($6 billion) of 12- and 18-month bills with the 1-year notes yielding 2.835 percent, compared with 3.07 percent when they were last auctioned on Aug. 21.

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